Mortgage Hardship Assistance
WHAT YOU NEED TO KNOW
If you are experiencing difficulty making on-time mortgage payments,
forbearance may be an option for you.
What is forbearance?
Forbearance is a temporary solution when you cannot make your mortgage payment. Your mortgage servicer will:
- Reduce or pause your monthly mortgage payment temporarily. During this time, you will not have to make your full monthly mortgage obligation.
- Apply the correct time period for the forbearance, which varies depending on your particular mortgage (i.e. Fannie Mae, FHA, VA, etc.) as well as any state specific requirements.
What if I need a mortgage forbearance?
A mortgage forbearance does not happen automatically. You must contact us and let us know you want a mortgage forbearance due to a temporary hardship related to a disaster, unemployment, etc. Please call us at 1-800-724-1633.
What communications will I receive after submitting my hardship assistance request?
You will receive a letter confirming you have been approved for a forbearance plan
You will receive periodic communications from us regarding next steps
You will continue to receive monthly statements but no payment is required during forbearance
What happens during mortgage forbearance?
Stay in your home – no foreclosures will be initiated during the forbearance plan term and the terms of your mortgage remain unchanged
No payments are due during the forbearance plan
No mortgage payment late fees will be charged
*A forbearance is not a forgiveness of debt
What happens when my mortgage forbearance is ending?
We encourage you to contact us prior to your forbearance plan ending. We'll work with you to understand how your temporary hardship is being resolved and to discuss potential repayment options that may meet your individual circumstances, such as:
Assistance based on your mortgage type:
You may qualify for investor-specific programs which will be outlined in the communications you will be receiving while on your forbearance plan.
Repayment plan.
Over a set number of months, an extra amount will be added to your regular mortgage payment to cover the amount you owe from the forbearance.
These options may require additional paperwork based on your particular mortgage (i.e. Fannie Mae, VA, USDA, etc.).
